Archive for Government
Not only do companies need to update their cost accounting practices – many of which currently lack the detailed information needed – they also have to ensure their reports and processes adhere to each variation in local requirements.Read More
The big picture? Improved visibility into all financial transactions and increased automation help companies pave the way to the Holy Grail of cost savings and risk mitigation. The LATAM B2G e-invoicing mandates are helping to speed up this.Read More
Based on VAT collection figures from 2013, the overall difference between the expected VAT revenue and the amount actually collected (the so-called "VAT Gap") did not improve on 2012. While 15 Member States including Latvia, Malta and Slovakia saw an improvement in their figures, 11 Member States such as Estonia and Poland saw deterioration.
The total amount of VAT lost across the EU is estimated at €168 billion, according to the report. This equates to 15.2% of revenue loss due to fraud and evasion, tax avoidance, bankruptcies, financial insolvencies and miscalculation in 26 Member States.
To address cash flow issues for businesses, particularly small businesses, the US Administration already took steps to facilitate accelerated payments to small businesses and small business subcontractors.
In the opinion of the ‘Executive Office of the President’ electronic invoicing can further these goals while also reducing administrative burden and costs to taxpayers. And therefore it is decided that in 2018 there will be all-electronic invoicing.
The pace of LATAM legislative changes is faster than ever as governments aim to expand the tax base and collect every penny, peso or reais they can. Current mandates are changed before companies can fully grasp the implications!Read More
With neighbors Chile and Mexico as models, Colombia is tackling tax evasion and reducing government expenditures through the implementation of e-invoicing, tighter scrutiny of tax-exempt NPO's and strict controls on public spending.Read More
A new communiqué enforces any Turkish company with TRY 10 million gross sales turnover as at 2014 year end, to use e-invoicing latest by 01 January 2016. Once obliged to use e-invoicing, firms are not able to opt-out.Read More
IFMIS Director Jerome Ochieng:“It is essential for suppliers to understand and make use of the system because going forward, procurement will only be undertaken through the system. he system allows users to post and process transactions in real time. This saves time and minimises errors."Read More
In a new measure to bring the digital society one step closer, Peru has started issuing electronic bills of sale. This should decrease the use of paper to make operational procedures more efficient therefore reducing economic costs.Read More
The UK government has introduced 3 initiatives SME friendly e-invoicing: 1) Make it free for suppliers to use e-invoicing tools. 2) Don’t ask suppliers to make any technology change. 3) Don’t make suppliers raise their invoice in their own accounting package and then duplicate this process in a 3rd party portal.Read More